Wednesday, January 24, 2007

The Pound had a major reversal this morning that seems to have temporarily eased U.S. dollar pressures.

The Russell opened to early upward pressure seen in the pre-market Dow but quickly met resistance at the 793.00 area. So far for the morning it's been pretty choppy and the market hasn't moved out of this 790.00-793.00 area.Pound trades for the morning include closing yesterday's long (was closed at 2:00 a.m.) for a 47 pip loss. This position was immediately reversed and now we are short at 1.9757.

The only Russell trade for the morning so far was at 6:57 short at 792.00 for +1.5 points.